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Bermuda has a long and enviable reputation as the offshore jurisdiction of choice among ship-owners and investors in ship owning structures. The stock of Bermuda’s shipping offering has risen in recent months due to a number of high-profile restructurings which have resulted in a significant increase in the number of ships on the Bermuda Ship Register and more shipping industry participants choosing a Bermuda company as its top listing company on the world’s major stock exchanges, including the New York Stock Exchange and the Oslo Stock Exchange.
As far as vessel registrations are concerned, there has been a noticeable and significant rise over the normal yearly average in the number of new vessel registrations with the Bermuda Shipping and Maritime Authority. The Bermuda Ship Register experienced an exceptional year in 2015, with 36 ships added to the Bermuda Register. Of these 36 ships, 19 were oil/chemical tankers and four were LNG carriers. 2016 has also been a busy year for the Bermuda Registry, with 29 ships added to date. The total number of commercial ships currently registered in Bermuda stands at 162. Total gross tonnage currently stands at 11,233,565.
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Demand Increases for Bermuda’s Shipping Offering
This article was originally published in Marine Money, November 2016.